Indian rupee appreciated against the US dollar on Tuesday backed by dollar selling by banks. Traders got support as Steel Secretary Sandeep Poundrik has said that the US announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America. The Trumps announced a new 25 percent tariff on all steel and aluminium imports. Besides, Federation of Indian Chambers of Commerce and Industry (FICCI) stated that the growth momentum of India’s manufacturing sector continues with 83 per cent of manufacturers reporting either higher or stable production levels, making this the second-highest index recorded in recent years. On the global front, U.S. dollar struggled for direction on Tuesday as markets became increasingly numb to U.S. tariff threats while awaiting testimony from Federal Reserve Chair Jerome Powell later in the day and inflation data on Wednesday.
Finally, the rupee ended at 86.79 (Provisional), appreciated by 66 paise from its previous close of 87.45 on Monday. The currency touched a high and low of 87.46 and 86.61 respectively.
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